Plain Old Greed: Wall Street’s Subprime Debacle
(2008) looks at the corruption behind the global financial crisis of 2008. What would come out of the widespread economic devolution of the world’s major banking an investment institutions, illustrates how mortgage lending restated the materialist implications of contract.
If omission is the same as tacit consent, the lack of adequate rule formation binding subprime mortgage agreements, furthered by trading of mortgage backed securities on international stock markets, the conditions for breakdown of the Enlightenment political philosophy of property-based relations, exhibits that right to ownership superseded universal right to protection from the ills of greed.
The investigation of the global financial meltdown beginning with the U.S. mortgage crisis of 2007, the program shows how financiers and investors alike contributed to their own demise; and with it the missing or tacit consent of government. Was it banker malfeasance implicated in bad contracts, in exchange for supranormal profits, a scenario emerged where risks normally hedged in the name of performance were finally too much exposure for the market to bear.
Following this period of unadulterated, laissez-faire capitalism, new terms and conditions must be formed in response to public demand for legislative reform of unethical financial sector practices. Yet, will regulation and monitoring go too far in placing too many constraints of economic and investor freedoms in the future? The story looks at how Wall Street analysts predicted the forthcoming disaster, yet could not take action to stop it.
- ISBN 978-1-62290-825-7
- Run Time (58 Minutes)
- Copyright 2008
- Closed Captioned (CC)